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Encyclopedia > Robert Mundell
Robert Mundell
Born October 24, 1932(1932-10-24)
Kingston, Ontario, Canada
Residence U.S.
Nationality Canadian
Field Economics
Institutions Columbia University
Alma mater MIT
Academic advisor   Charles Kindleberger
Known for Mundell-Fleming model
Optimum currency areas
Research on the gold standard
Notable prizes Nobel Prize in Economics (1999)

Robert Alexander Mundell C.C. (born October 24, 1932) is a professor of economics at Columbia University. Mundell was born in Canada and is a graduate of the University of British Columbia in Vancouver. He attended the Massachusetts Institute of Technology (MIT), where he obtained his PhD in Economics in 1956. He also attended the London School of Economics and was a top performer in his years there. He went on to win the 1999 Nobel Prize in Economics. Since 1974 he has been a professor in the Economics department at Columbia University; since 2001 he has held Columbia's highest academic rank - University Professor. He was also economics professor at McGill University and the Paul H. Nitze School of Advanced International Studies, Johns Hopkins University. In 2002 he was made a Companion of the Order of Canada. is the 297th day of the year (298th in leap years) in the Gregorian calendar. ... Year 1932 (MCMXXXII) was a leap year starting on Friday (the link will display full 1932 calendar) of the Gregorian calendar. ... Murney Tower, Kingston The Fort Henry Guard performing an historical demonstration The Prince George Hotel. ... Motto: Ut Incepit Fidelis Sic Permanet (Latin: Loyal she began, loyal she remains) Capital Toronto Largest city Toronto Official languages English (de facto) Government - Lieutenant-Governor David C. Onley - Premier Dalton McGuinty (Liberal) Federal representation in Canadian Parliament - House seats 106 - Senate seats 24 Confederation July 1, 1867 (1st) Area... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... ‹ The template below is being considered for deletion. ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ... “MIT” redirects here. ... The Mundell-Fleming model is an economic model first set forth by Robert Mundell and Marcus Fleming. ... In economics, an optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. ... The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... Image File history File links Nobel_prize_medal. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... Seal of the Order of Canada The Order of Canada is Canadas highest civilian honour, with membership awarded to those who exemplify the Orders Latin motto Desiderantes meliorem patriam, which means (those) desiring a better country (Hebrews 11. ... is the 297th day of the year (298th in leap years) in the Gregorian calendar. ... Year 1932 (MCMXXXII) was a leap year starting on Friday (the link will display full 1932 calendar) of the Gregorian calendar. ... Columbia University is a private research university in the United States and a member of the prestigious Ivy League. ... The University of British Columbia (UBC) is a Canadian public university with its main campus located at Point Grey in the unincorporated Electoral Area A, immediately west of Vancouver, British Columbia. ... For other uses, see Vancouver (disambiguation). ... “MIT” redirects here. ... Doctor of Philosophy, abbreviated Ph. ... ‹ The template below is being considered for deletion. ... Mascot Beaver Affiliations University of London Russell Group EUA ACU CEMS APSIA Golden Triangle G5 Group Website http://www. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... McGill University is a publicly funded, co-educational research university located in the city of Montreal, Quebec, Canada. ... The Paul H. Nitze School of Advanced International Studies (SAIS), based in Washington D.C., is one of the worlds most prestigious graduate schools devoted to the study of international affairs, economics, diplomacy, and policy research and education. ... The Johns Hopkins University, founded in 1876, is a private institution of higher learning located in Baltimore, Maryland, United States. ... Seal of the Order of Canada The Order of Canada is Canadas highest civilian honour, with membership awarded to those who exemplify the Orders Latin motto Desiderantes meliorem patriam, which means (those) desiring a better country (Hebrews 11. ...


In June 2005 he was awarded the Global Economics Prize World Economics Institute in Kiel, Germany and in September 2005 he was made a Cavaliere di Gran Croce del Reale Ordine del Merito sotto il Titolo di San Ludovico by Principe Don Carlo Ugo di Borbone Parma. , For the city in the United States, see Kiel, Wisconsin. ...


The Mundell International University of Entrepreneurship in the Zhongguancun district of Beijing, People's Republic of China is named in his honor. Zhongguancun -- buildings and park-like landscape Zhongguancun Street -- a road through the tech hub Zhong Guan Cun (often Zhongguancun) is a technology hub in Beijing. ... “Peking” redirects here. ...


Among his major contributions are:

Contents

In economics, an optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. ... For other uses, see Euro (disambiguation). ... Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively managed using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ... The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... The Mundell-Fleming model is an economic model first set forth by Robert Mundell and Marcus Fleming. ... The Mundell-Tobin effect suggests that nominal interest rates would rise less than one-for-one with inflation because in response to inflation the public would hold less in money balances and more in other assets, which would drive interest rates down. ...

Work on international monetary flows

Mundell is best known in politics for his support of tax cuts and supply-side economics; however, among economists it is his work on currency areas and international exchange rates which caused him to be awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel by the Bank of Sweden (Sveriges Riksbank). Nevertheless, supply side economics featured prominently in his Bank of Sweden prize speech. A tax cut is a reduction in the rate of tax charged by a government, for example on personal or corporate income. ... Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively managed using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel[1] (Swedish: Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), commonly called the Nobel Prize in Economics, or more acurately the Nobel Memorial Prize in Economic Sciences, is a prize awarded each year for outstanding intellectual... Sveriges Riksbank (Swedish National Bank) is the central bank of Sweden, sometimes called just the Bank of Sweden. ...


In the 1960s Canada, of which Mundell is a native, floated its exchange - this caused Mundell to begin investigating the results of floating exchange rates, a phenomenon not widely seen since the 1930's "Stockholm School" successfully lobbied Sweden to leave the gold standard. A floating exchange rate or a flexible exchange rate is a type of exchange rate regime wherein a currencys value is allowed to fluctuate according to the foreign exchange market. ... The Stockholm School, or Stockholmsskolan, is a school of economic thought. ...


In 1962, along with Marcus Fleming, he co-authored the Mundell-Fleming model of exchange rates, and noted that it was impossible to have domestic autonomy, price stability, and free capital flows - that two, and only two, of these objectives could be met. The model is, in effect, an extension of the IS/LM model applied to currency rates. Marcus Fleming (who died in 1976) was Deputy Director of the research department of the International Monetary Fund for many years; he was already a member of this department during the period of Mundells affiliation. ... The Mundell-Fleming model is an economic model first set forth by Robert Mundell and Marcus Fleming. ... The IS curve moves to the right, causing higher interest rates and expansion in the real economy (real GDP). ...


According to Mundell's analysis:

  • Discipline under the Bretton Woods system was more due to the US Federal Reserve than to the discipline of gold.
  • Demand side fiscal policy would be ineffective in restraining central banks under a floating exchange rate system.
  • Single currency zones relied, therefore, on similar levels of price stability, where a single monetary policy would suffice for all.

His analysis led to his conclusion that it was a disagreement between Europe and the United States over the rate of inflation, partially to finance the Vietnam War, and that Bretton Woods disintegrated because of the undervaluing of gold and the consequent monetary discipline breakdown. There is a famous point/counter-point over this issue between Mundell and Milton Friedman.[1] Wikipedia does not have an article with this exact name. ... The Fed redirects here. ... Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... For other uses, see Europe (disambiguation). ... Combatants Republic of Vietnam United States Republic of Korea Thailand Australia New Zealand The Philippines National Front for the Liberation of South Vietnam Democratic Republic of Vietnam People’s Republic of China Democratic Peoples Republic of Korea Strength US 1,000,000 South Korea 300,000 Australia 48,000... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ...


This work would later lead to the creation of the Euro, and his prediction that leaving the Bretton Woods system would lead to "stagflation" so long as highly progressive income tax rates applied. In 1974 he advocated a drastic tax reduction and a flattening of income tax rates. For other uses, see Euro (disambiguation). ... This article uses excessive clichés and jargon. ...


Mundell, though lionized by some conservatives, has many of his harshest critics from the right: he denies the need for a fixed gold based currency or currency board [citation needed]- though he often recommends this as a policy in hyper-inflationary environments - and he is both a fiscal and balance of payments deficit hawk. He is well known for stating that in a floating exchange rate system, expansion of the money supply can only come about through a positive balance of payments. Certain figures in this article use scientific notation for readability. ... The balance of payments is a measure of the payments that flow from one exports and imports of goods, services, and financial capital, as well financial transfers. ...


The TV personality

Robert Mundell, telling Rodney Dangerfield jokes on the Late Show with David Letterman.

Robert Mundell has appeared on CBS's Late Show with David Letterman. His first appearance was in October 2002[2] where he gave The Top 10 List on "Ways My Life has Changed Since Winning the Nobel Prize." In March of 2004[3] he told "You might be a redneck" jokes followed in May of 2004[4] with "Yo Mama" jokes. In September of 2004[5] he appeared again, this time to read excerpts from Paris Hilton's memoir at random moments throughout the show. In November of 2005[6] he told a series of Rodney Dangerfield's jokes. On February 7, 2006[7] he read Grammy Award nominated song lyrics, the night before CBS aired the 48th Grammy Awards. ImageMetadata File history File links Bobmundelldave. ... ImageMetadata File history File links Bobmundelldave. ... Rodney Dangerfield (November 22, 1921 – October 5, 2004), born Jacob Cohen, was an American comedian and actor, best known for the catchphrase I dont get no respect and his monologues on that theme. ... Ŝ “Late Show” redirects here. ... CBS Broadcasting, Inc. ... Ŝ “Late Show” redirects here. ... For other uses, see Top Ten. ... Comedian Jeff Foxworthy accepts a new jacket from 3rd Infantry Division Commander Army Maj. ... A mother insult is a reference to a persons mother through the use of phrases such as your mom, yer mum, ya mum, or yo mama, frequently used to insult the target by way of his or her mother. ... Paris Whitney Hilton (born February 17, 1981) is an American celebrity and socialite. ... Rodney Dangerfield (November 22, 1921 – October 5, 2004), born Jacob Cohen, was an American comedian and actor, best known for the catchphrase I dont get no respect and his monologues on that theme. ... is the 38th day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... This article does not cite any references or sources. ... The 48th Annual Grammy Awards were held on Wednesday 8 February 2006 at the Staples Center in Los Angeles, California. ...


Robert Mundell has also appeared on China Central Television's popular Lecture Room series. China Central Television or Chinese Central Television, commonly abbreviated as CCTV (Simplified Chinese: ; Pinyin: ) is the major broadcast television network in Mainland China. ... Lecture Room (Chinese: 百家讲坛; Pinyin: Bǎijiā Jiǎngtán) is a popular TV program of China Central Television, which invites scholars to provide lectures on science, economics, history and literature. ...


See also

This is an alphabetical list of notable economists. ... In economics, an optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. ...

References and notes

  1. ^ Mundell-Friedman debate
  2. ^ show #1891
  3. ^ show #2144
  4. ^ show #2162
  5. ^ show # 2238
  6. ^ show #2466
  7. ^ show #2505

External links

Persondata
NAME Mundell, Robert
ALTERNATIVE NAMES
SHORT DESCRIPTION Economist
DATE OF BIRTH October 24, 1932
PLACE OF BIRTH Kingston, Ontario, Canada
DATE OF DEATH
PLACE OF DEATH

  Results from FactBites:
 
Robert Mundell - Wikipedia, the free encyclopedia (1044 words)
Robert Alexander Mundell (born October 24, 1932) is a Canadian economist who graduated from the University of British Columbia in Vancouver.
Mundell is best known in politics for his support of tax cuts and supply side economics; however, among economists it is his work on currency areas and international exchange rates which caused him to be awarded the Bank of Sweden prize.
Mundell, though lionized by some conservatives, has many of his harshest critics from the right: he denies the need for a fixed gold based currency or currency board - though he often recommends this as a policy in hyper-inflationary environments - and he is both a fiscal and balance of payments deficit hawk.
Robert Mundell / Biography (2225 words)
Robert A. Mundell was born in Canada in 1932.
During the latter half of that decade, Mundell was among the intellectual leaders in the creative research environment at the University of Chicago.
Mundell's conclusion was straightforward: to prevent the economy from becoming unstable, the linkage has to accord with the relative efficiency of the instruments.
  More results at FactBites »

 
 

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